Posts by Boomer
Financial Management By The Decade: Teen Years
When I was about thirteen, I started earning extra money by babysitting the neighbourhood kids. My 35-cents-an-hour earnings were then promptly spent – probably on chocolate. Teens are a lot savvier these days. Younger teens are babysitting, dog walking, doing yard work, setting-up computers and software (for people like me) and the like. Older teens…
Read MoreUnderstanding Your Retirement Benefits: Part 3 – Private Pension Plans
According to Statistics Canada, in 2012 38.4 percent of employees were enrolled in a Registered Pension Plan. The most common types of pension plans are defined benefit (DB) and defined contribution (DC). Of those employees, 71.5 percent were in a defined benefit plan. Defined contribution plans accounted for 16.7 percent. (The remainder belong to some…
Read MoreThe Real Cost Of Getting Married
We’re not getting married as much any more. Of people 30 to 44 years old, only 60% were married in 2008. In 1970, 84% were married. Also, the age of people getting married for the first time is rising. In the 1970’s it was roughly 23 for women and 25 for men. In 2008 it…
Read MoreUnderstanding Your Retirement Benefits: Part 2 – OAS
Canadian seniors have two national income support payments – Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). These are not pension plans as such because they are non-contributory and financed out of general revenues. Employment history is not a factor in determining eligibility. You can receive OAS pension and benefits even if you…
Read MoreLet’s Get Blunt About Your Financial Affairs: Book Review and Giveaway
Most people don’t like paying taxes, and reading about taxes has to be up there on the list with having your teeth drilled. Not so for the readers of Mark Goodfield’s blog, The Blunt Bean Counter. Mark shares his expertise on tax and financial matters in a clear, often humorous, and – yes – blunt way.…
Read MoreMoney Saving Tips For Families
We’re always asked for money savings tips. I think we should all be aware of the most common ones by now – turn off the lights, short showers, brown bag your lunch, etc. etc. Serious savers are doing these already. Here are a few other tips you can consider. 1. Stop wasting food Food prices…
Read MoreBudget Like A Small Business CFO
A small business, as defined by the Canadian Revenue Agency, has an annual revenue stream between $30,000 and $5 Million. Of all the individual Canadians that filed tax returns more than 99.98% fell into that same income bracket. However, unlike individuals, small businesses account for their income and expenditures on a consistent and regular basis.…
Read MoreGas Prices, Food Costs, And The Stock Market Drop
So here I am, sidelined by a miserable summer flu that still has a strong grip on me even at the end of week two. My head is so foggy that I’m reduced to watching TV’s inane summer programming, the Mike Duffy trial, election promises, and talking heads explaining our current economy. With this in…
Read MoreUnderstanding Your Retirement Benefits: Part 1 – CPP
Imagine celebrating at your retirement party without a clue as to how much you can expect to receive in pension income. It sounds incredible, but many people who will end their career in a few years are in just that situation. When you work for an employer you receive your salary, but once retired your…
Read MoreThe Real Cost Of Buying Your Home
Purchasing a home is one of the fundamental desires of most people. It will likely be the biggest purchase you will make in your lifetime. However, our homes are more than just financial assets and they are more than just places to live. Our homes are personal. They are integral parts of how we see…
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